Where to invest £10,000

Tamrin

Hi we have just received £10,000 looking for the best place to invest. My partner went to Santander the advisor told him to open a 123 current account. what do people think?

Archi_Bald

What do you want to do with the £10,000, and when? Have you got any debts? Have you got any emergency funds? Presumably these sorts of questions were asked by Santander?

Tamrin

Hi we are hoping to move in 2 years time so it will go towards the deposit, we have no debts and emergency fund

Archi_Bald

I'd say the Santander suggestion sounds a good one then.

Your alternatives could be several Lloyds/BOS Vantages, or TSB Enhances.

Tamrin

Thank you. I'll look into more.

My_brain_hurts

Be wary, Santander will only advise on their own products!
Better accounts available!

somethingcorporate

My_brain_hurts wrote: »

Be wary, Santander will only advise on their own products!
Better accounts available!

Care to suggest any?

Flexdirect from nationwide is pretty good.

As far as I can tell the Santander offering is actually pretty decent.

ColdIron

My_brain_hurts wrote: »

Better accounts available!

I can't think of any for £10,000 that satisfy the OPs requirements, which ones did you have in mind?

Santander give you 3% AER on up to £20,000 plus cashback which can increase your return further

Lloyds/TSB/BoS also give 3% but you would have to open 2 accounts, this may be worth it if you do not have any qualifying Direct Debits for the 123

Nationwide offer 5% but only on balances up to £2,500, multiple accounts are not allowed and the 5% includes a 4% bonus for 1 year

jimjames

If you need the money in 2 years time then you should definitely not be investing it.

Find the best pay bank account and put it there instead